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Losses Mount against Euro and Dollar

  • GBP suffers strong selling pressure
  • More losses look likely
  • Goldman Sachs warns UK economy to shrink next year
  • Global market selloff also weighs
  • EUR boosted by falling gas prices

Image © Adobe Images

Pound Sterling looks set to test yet new lows against the Euro, Dollar and other major currencies amidst dire investor sentiment towards the UK and ongoing weakness in global equity markets.

The Pound has fallen 1.33% against the Euro already this week and if these losses are sustained is on course for its largest weekly slump against the single currency since May.

The UK currency meanwhile remains in a relentless selloff against the Dollar, having lost a further 0.83% since this week started. The 2022 loss now stands at 14%.

As August comes to an end we can now confirm the Pound is the worst performing major currency of the month, having lost value to all its G10 rivals:

Above: GBP performance this August. To keep on top of the…

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